Lake Prince Center Inc

Analysis

Lake Prince Center Inc is a registered charity in United States, based in Newton, NC. It received its IRS tax-exemption ruling in November 1999, 27 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Lake Prince Center Inc reported income of $15.1m and spending of $15.1m, spending 100% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $12.5m to $15.1m (+21%), an average of +4.8% a year. Over the whole period it spent 103% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lake Prince Center Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within NC. Charities of a similar size with the same main cause include Community Housing Resources ($15.1m), Alameda Affordable Housing Corporation ($15.1m) and Concordia of Ohio ($15.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 1.0% and program service revenue 96% of the total. Other salaries and wages came to $5.6m. At year end it held assets of $30.7m against liabilities of $49.1m, net assets of -$18.4m. It reported 215 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.